Good News: IAVI Calls the Bottom

[Sailor]

Are you arguing that the percentage increase per annum on property was a fraction of the increase on property in Dublin?

As of June, the average asking price of 3-bed semi-detached property in Dublin was €338,500. In Cork, the average was €228,500 - about 2/3rds of the Dublin price. Is it as case than that in 1993, say, the average in Cork was a lot higher than 2/3rds of the Dublin price?

P.

Your figures are not relevant to the point I was making - which was in relation to peak prices

[oceanclub]

Your figures are not relevant to the point I was making - which was in relation to peak prices

Right, well, how about supplying some actual figures to back up your argument? Here's some to back up mine:

Property prices update for Dublin, Cork & Galway – February – Property market information

3-bed properties: advertised price changes
Market Average asking price + % fall for Feb 2010 Previous month Percentage drop to date in 2010 Feb 2009 average asking price & Percentage drop in 12 months
Dublin €352,768 ▼1.2% €356,955 ▼1.1% 2.3 per cent ▼ €430,855

= 18.1 per cent ▼

Cork €254,048 ▼1.5% €258,019 ▼1.2% 2.7 per cent ▼ €312,571

= 18.7 per cent ▼

Galway €254,889 ▼1.1% €257,668▼0.6% 1.7 per cent ▼ €295,482

= 13.7 per cent ▼

[Sailor]

Right, well, how about supplying some actual figures to back up your argument? Here's some to back up mine:

Property prices update for Dublin, Cork & Galway – February – Property market information

3-bed properties: advertised price changes
Market Average asking price + % fall for Feb 2010 Previous month Percentage drop to date in 2010 Feb 2009 average asking price & Percentage drop in 12 months
Dublin €352,768 ▼1.2% €356,955 ▼1.1% 2.3 per cent ▼ €430,855

= 18.1 per cent ▼

Cork €254,048 ▼1.5% €258,019 ▼1.2% 2.7 per cent ▼ €312,571

= 18.7 per cent ▼

Galway €254,889 ▼1.1% €257,668▼0.6% 1.7 per cent ▼ €295,482

= 13.7 per cent ▼

Advertised prices are absolutely meaningless.
The point I was making was that, outside of the areas I mentioned, prices never reached unaffordable levels - it's when that happens that you have to consider the situation to have drifted from reality. Your average couple - guard + nurse!! - could afford a property anywhere in the country outside of Dublin and its catchment area - they could not afford one in Dublin. And that is why I said the madness did not afflict other areas, with the possible exception of Galway and the holiday homes market, to the extent that it took hold in Dublin. And I made this observation by way of responding to a post that suggested that real price reductions were considerably less severe outside the Dublin area - an observation which would tend to support what I just said.

[oceanclub]

Advertised prices are absolutely meaningless

Well, supply some type of figures; otherwise you're arguing based on your feelings.

If what you're attempting to argue is that people with Dublin salaries, if willing to do long commutes to the country to buy rural houses, therefore rural houses are "affordable", well, I'm not sure people will agree with that particular point. Affordability is only in the context of people living nearby.

P.

[Sailor]

Well, supply some type of figures; otherwise you're arguing based on your feelings.

P.

Are you disputing the facts that I posted above regarding affordability?

[oceanclub]

Are you disputing the facts that I posted above regarding affordability?

See the rest of my post.

P.

[Tigris Celtica]

Advertised prices are absolutely meaningless.
The point I was making was that, outside of the areas I mentioned, prices never reached unaffordable levels - it's when that happens that you have to consider the situation to have drifted from reality. Your average couple - guard + nurse!! - could afford a property anywhere in the country outside of Dublin and its catchment area - they could not afford one in Dublin. And that is why I said the madness did not afflict other areas, with the possible exception of Galway and the holiday homes market, to the extent that it took hold in Dublin. And I made this observation by way of responding to a post that suggested that real price reductions were considerably less severe outside the Dublin area - an observation which would tend to support what I just said.

Prices were only "affordable" by some because of completely irresponsible lending by the banks and other financial institutions.

[Sailor]

Well, supply some type of figures; otherwise you're arguing based on your feelings.

If what you're attempting to argue is that people with Dublin salaries, if willing to do long commutes to the country to buy rural houses, therefore rural houses are "affordable", well, I'm not sure people will agree with that particular point. Affordability is only in the context of people living nearby.

P.

As far as I know our guard and nurse are paid the same in Cork as in Dublin. What I am saying is that the pair working and living in Cork were at all times during the boom/bubble in a position to buy a home. This was not the case for their counterparts in Dublin. I am not talking about the commuters.

[Tigris Celtica]

Are you disputing the facts that I posted above regarding affordability?

You haven't posted any "facts" regarding affordability - And if you can't put figures on it you don't know what you're talking about.

[Sailor]

Prices were only "affordable" by some because of completely irresponsible lending by the banks and other financial institutions.

That is correct but it is not of any relevance to what we are discussing - it's a nice populist statement though